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The new Goods and Services Tax (GST) regime finally came into existence from 1st July. Several years ago, the phrase tryst with destiny was spoken by the first Prime Minister, Jawaharlal Nehru in 1947.
Traders of electronic items in Old Delhi opened their shop’s after the four days of the strike (bandh) and finally the new Goods and Service Tax (GST) Regime came into existence on 1st July. However, traders looked depress towards new change.
According to a report by broking firm Bank of America Merrill Lynch BofA-ML, says that, India is set to enter into biggest tax reform today midnight, people who are running small and medium enterprises (SME) still have no idea how the Goods and Service Tax (GST) regime impact their business or product prices.
While addressing speech in the launch event President Pranab Mukherjee said that, GST is a disruptive change, initially the country will have to face some teething troubles that will solve promptly, so that the economic growth of the country will not get affected.
From 00:00 AM of July 1, 2017, India started a new journey along with a new tax regime under Goods and Service Tax, on which the leading industrialists and top businessmen of the country expressed their support for the sweeping tax reform that is believed to provide a great momentum to the economy of India
The GST (Goods and Service Tax) has been termed as a great reform achievement of the GOI (Government of India) by Takehiko Nakao, the president of Asian Development Bank. But he also suggested that the upcoming tax regime in the country could also cause challenges on account of some factors such as the multiplicity of tax rates.
The government has issued notification for the implementation of Central Goods and Service Tax (CGST) regime from 1st July and clarified that the new indirect taxation regime is absolutely correct.
GST is about to launch in few hours and the nation is just waiting for this biggest transition wholeheartedly. The GST grand event is scheduled to be in the central hall of parliament where the imminent personalities of politics, as well as Bollywood, will get together to see the transition in personnel.
In a very weird situation of GST which will be implemented very soon and to be precise in 11 hours from now, there are various places in our daily life where the GST will take a complete turnover in a matter of a minute. This minute a person is paying and relieving a different tax scheme and from another minute the complete story changes, into a new one.
